Bridgeline Digital, Inc. (NASDAQ: BLIN) saw its shares gain ground Tuesday, after the provider of cloud-based marketing technology software announced it had received over $2.5 million in cash as a result of warrant exercises so far this week. The warrants were issued in 2019 with a strike price of $4.00.
These funds are above and beyond Bridgeline’s fully capitalized operating plan, bringing its cash balance to approximately $6M. This additional capital will be used to accelerate growth and execute Bridgeline’s eCommerce 360 strategy to drive traffic, increase conversions and grow average order value for its 2,500 customers.
“This warrant exercise demonstrates our investor’s confidence in our recent acquisitions and that our eCommerce 360 strategy will drive faster growth and profitability for Bridgeline,” said CEO Ari Kahn. “We thank our investors for their ongoing support.”
Bridgeline has acquired two companies in 2021, WooRank and HawkSearch. WooRank drives traffic to web sites by helping improve search engine optimization. HawkSearch grows online revenues for eCommerce websites by increasing conversion and optimizing the search experience for visitors.
Kahn continued, “Expansion of our partner network is a key initiative for Bridgeline in 2021. Thanks to our recent acquisition of HawkSearch and its extensive partner network, we have made substantial progress by winning license sales to major institutions and governments that Bridgeline could not have won alone.”
Bridgeline’s current partners include AmericanEagle.com, BigCommerce, Magento, Optimizely, Oro Commerce, Salesforce, SAP, and Shopify.
Bridgeline helps companies grow online revenues by increasing their traffic, conversion rates, and average order values with its marketing platform and suite of apps.
BLIN shares gained $3.34, or 37.2%, Tuesday to $12.31.